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Crypto firm Dragonfly has acquired a digital asset-focused investment fund for an undisclosed amount, a move that managing partner Haseeb Qureshi says reflects the broad trend of consolidation taking place in the sector. <\/p>\n
Bloomberg reported Monday that Dragonfly bought MetaStable Capital, a hedge fund co-founded by Naval Ravkiant in 2014, for an undisclosed sum. In doing so, Dragonfly dropped the word “Capital” from its name and underwent a complete rebranding to reflect its growing mandate in the digital asset space.<\/strong><\/p>\n Qureshi told Bloomberg that his company is “committed to our crypto roots” at a time when traditional funds are abandoning digital assets altogether due to the bear market.<\/strong> Despite the downward trend, Dragonfly has deepened its exposure to the cryptocurrency sector through a series of private investment rounds. In April this year, Dragonfly closed a $650 million investment round to expand its crypto-focused portfolio. As Cointelegraph reported at the time, the surge saw the participation of firms such as Tiger Global, Sequoia China, Invesco, and KKR.<\/p>\n Before being acquired, MetaStable described its strategy as “long-term value investing” in the cryptocurrency sector. As of July 31, the company had more than $400 million in assets under management<\/strong>.<\/p>\n See the biggest deals and more VC data from Q1, courtesy of @CointelegraphCS<\/a>.<\/p>\n https:\/\/t.co\/MPIp7dgMOW pic.twitter.com\/KTGDkM4qBf<\/a><\/p>\n\n